PEER COMPANIES

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PEER COMPANIES

NEW DELHI: Hit hard by forex losses and jump in finance costs, Adani Enterprises on Thursday reported a consolidated net loss of Rs 416.95 crore for its second quarter ended September 30, 2013.

The flagship firm of the Adani group had reported a net profit of Rs 320.21 crore in the corresponding quarter of the previous fiscal.

On a standalone basis even, the company posted a net loss of Rs 102.25 crore in the last quarter as against a net profit of Rs 141.95 crore reported in the Q2FY'13, it said in a filing to the BSE.

Consolidated net sales of Adani Enterprises, however, rose by 32 per cent to Rs 13,548.31 crore in the second quarter, as its trading and power businesses reported strong revenue growth.

Rupee depreciation and finance costs played spoilsport for the company in the last quarter. While the company reported foreign exchange losses of Rs 331.58 crore, its finance costs also jumped over three times to Rs 1,626 crore due to a weak rupee.

The foreign exchange losses also led to rise in company's total expenditure, which stood at Rs 12,959.11 crore and amounted to 95.65 per cent of the net sales.

Among the businesses of the company, revenues from the trading business were up nearly 43 per cent to Rs 5,832.47 crore, while revenues from the power rose by over 112 per cent to Rs 3,032.73 crore in the last quarter. Revenues from ports (Rs 776.39 crore) and agro (Rs 2,074.44 crore) businesses declined by 7 and 15 per cents respectively.

In a separate statement, the company said that "our port and coal trading businesses continue to grow on a steady basis, whereas our performance was affected by currency volatility, non-availability of domestic coal and delay in compensatory tariff in our power business."

"Our overall financial results reflect the continued stress of our power business and we anticipate the situation to improve in the ensuing quarters. We remain committed to resolving the long pending sector issues affecting our power business and ensure stability in earnings and sustainable value for all our stakeholders," Adani group chairman Gautam Adani said on the results.

The company also said that it achieved robust volumes in the second quarter. While coal trading was 11 million tonnes, it handled 28.1 MT port cargo and sold 9.1 billion power units.

Mundra port, operated by its subsidiary Adani Ports and SEZ, continues to remain number one commercial port in the country, Adani said, adding it handled 24.62 million tonnes of cargo in the last quarter.

Following the announcement of the results, company's shares fell 1.71 per cent to close at Rs 207.40 apiece on the BSE today.